Hyperscaler capex as a share of operating cash flow
This chart shows how much of five hyperscalers’ combined operating cash flow is represented by capital expenditure. It uses trailing-12-month SEC cash-flow data for Amazon, Microsoft, Alphabet, Meta, and Oracle; the ratio covers all company capex and is not an AI-only spending share or free-cash-flow measure.
What does it show?
Hyperscalers are directing a much larger share of operating cash flow toward capital expenditure.
Methodology
Aggregate trailing-12-month capital expenditure divided by aggregate trailing-12-month net cash provided by operating activities for Amazon, Microsoft, Alphabet, Meta, and Oracle, using SEC XBRL cash-flow facts. Cumulative year-to-date values are differenced into fiscal quarters before four consecutive quarters are summed. The ratio is group capex divided by group operating cash flow; it is not an AI-only spending share, free-cash-flow measure, or estimate of the eventual return on current investment.